It feels like a big shareholder is dumping their whole stake after getting frustrated with AOL's Q2 earnings report yesterday.

One specific issue could be that AOL continues to invest a huge portion of its dwindling profits – about $120 million this year – into its local news network, Patch, but refuses to say how well any Patch sites are doing with monetization.

All AOL CEO Tim Armstrong said about Patch yesterday is that its up to 10 million uniques, which sounds like a big number, until you remember how much AOL spent to get there.